Alger Capital Correlations

ACAAX Fund

USD 32.96 0.63 1.95%

The current 90-days correlation between Alger Capital Apprec and Hennessy Bp Energy is 0.26 (i.e., Modest diversification). The correlation of Alger Capital is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak. If the correlation is 0, the equities are not correlated; they are entirely random.

Alger Capital Correlation With Market

Modest diversification

The correlation between Alger Capital Appreciation and DJI is 0.26 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Alger Capital Appreciation and DJI in the same portfolio, assuming nothing else is changed.

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Alger Capital Appreciation. Also, note that the market value of any mutual fund could be closely tied with the direction of predictive economic indicators such as signals in nation.

Moving together with Alger Mutual Fund

0.72	AMGAX	Alger Midcap Growth	Pair Corr
0.73	AMGCX	Alger Midcap Growth	Pair Corr
0.72	AMGOX	Alger Mid Cap	Pair Corr
0.77	AOFYX	Alger Small Cap	Pair Corr
0.77	AOFAX	Alger Small Cap	Pair Corr
0.93	CHUSX	Alger Global Growth	Pair Corr
0.93	CHUCX	Alger Global Growth	Pair Corr
0.72	ASCYX	Alger Funds	Pair Corr
0.79	ASIRX	Alger Smallcap Growth	Pair Corr
0.61	ASIMX	Alger Smidcap Focus	Pair Corr
0.61	ASMZX	Alger Smidcap Focus	Pair Corr
0.97	ASPCX	Alger Spectra	Pair Corr
0.89	ASPZX	Alger Spectra	Pair Corr
0.89	ASPYX	Alger Spectra	Pair Corr
0.91	ASPIX	Alger Spectra	Pair Corr
0.61	ASYMX	Alger Weatherbie Spe	Pair Corr
1.0	ACAZX	Alger Capital Apprec	Pair Corr
0.89	ACIZX	Alger Capital Apprec	Pair Corr
0.7	AFOZX	Alger Funds Mid	Pair Corr
0.97	AGIFX	Alger Responsible	Pair Corr
0.77	AGOZX	Alger Small Cap	Pair Corr
0.62	AHSCX	Alger Health Sciences	Pair Corr
0.63	AHSAX	Alger Health Sciences	Pair Corr
0.62	AHSZX	Alger Health Sciences	Pair Corr
0.92	SPECX	Alger Spectra	Pair Corr
1.0	ALARX	Alger Capital Apprec	Pair Corr
0.76	ALCZX	Alger International	Pair Corr

Related Correlations Analysis

	HNRGX	IEFCX	PDX	FRNRX	AIWEX	TREIX
HNRGX		0.98	0.47	0.86	0.77	0.31	HNRGX
IEFCX	0.98		0.38	0.91	0.74	0.2	IEFCX
PDX	0.47	0.38		0.24	0.38	-0.02	PDX
FRNRX	0.86	0.91	0.24		0.8	0.01	FRNRX
AIWEX	0.77	0.74	0.38	0.8		0.04	AIWEX
TREIX	0.31	0.2	-0.02	0.01	0.04		TREIX
	HNRGX	IEFCX	PDX	FRNRX	AIWEX	TREIX

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

IEFCX	+ 0.98	HNRGX
FRNRX	+ 0.91	IEFCX
FRNRX	+ 0.86	HNRGX
AIWEX	+ 0.8	FRNRX
AIWEX	+ 0.77	HNRGX
AIWEX	+ 0.74	IEFCX

High negative correlations

TREIX

- 0.02

PDX

Risk-Adjusted Indicators

There is a big difference between Alger Mutual Fund performing well and Alger Capital Mutual Fund doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Alger Capital's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
HNRGX	0.89	(0.04)	0.00	(0.11)	0.00	0.00	1.54	(2.30)	4.59
IEFCX	0.83	(0.06)	0.00	(0.15)	0.00	0.00	1.25	(2.18)	4.47
PDX	1.80	0.06	0.02	0.03	2.96	(2.02)	3.40	(3.43)	31.18
FRNRX	0.82	(0.09)	0.00	(0.60)	0.00	0.00	1.23	(1.88)	4.45
AIWEX	1.08	(0.10)	0.00	(0.81)	0.00	0.00	1.90	(1.83)	9.76
TREIX	0.06	0.02	0.30	0.98	0.00	(0.11)	0.10	(0.10)	0.30

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